Solana treasury company DeFi Development Corp. added 55,491 SOL, worth roughly $5.78 million, to its balance sheet, pushing its holdings to approximately 2,388,923 SOL and SOL equivalents, according to an announcement published via GlobeNewswire.

The Nasdaq-listed company, which trades under the ticker DFDV, disclosed the purchase on Monday alongside a new $300 million at-the-market (ATM) program for its Variable Rate Series C Perpetual Preferred Stock, which trades under the ticker CHAD. Together, the moves extend a fast-moving stretch of capital markets activity that began in late August.

The updated treasury figure represents a roughly 2% increase since August 27, when the company's holdings stood near 2.33 million SOL. DeFi Development Corp. describes itself as the first U.S. public company built around a Solana accumulation strategy. In addition to holding SOL, the firm operates its own validator infrastructure, generating staking rewards on top of its price exposure to the token. Those rewards give the company a source of SOL accumulation beyond direct purchases — the yield leg of the flywheel model it describes.

Inside the $300 million ATM program

The at-the-market arrangement allows DFDV to sell up to $300 million of CHAD shares over time through R.F. Lafferty & Co., a New York broker-dealer acting as sole sales agent. ATM programs are a standard capital markets tool, letting issuers sell shares incrementally at prevailing market prices over time rather than in a single fixed-size offering.

Establishing the program does not constitute an immediate capital raise. DFDV is under no obligation to sell any shares, and issuance remains subject to market conditions and investor demand. The company said it intends to sell only at or above $10.00 per share — CHAD's stated par value — with net proceeds earmarked primarily for additional SOL purchases.

Chief Executive Joseph Onorati tied the program to what the company calls its "accumulation flywheel": raising capital, buying SOL, generating yield, and repeating the cycle.

"With a $300 million ATM now in place, we have the structure to scale CHAD into a meaningful new engine of growth—and we intend to issue at or above $10.00 par. The flywheel is spinning, and we now have more capacity to put it to work," Onorati. How quickly the new capacity is used — and whether issuances hold at or above the stated $10.00 floor — will show up in the company's subsequent disclosures.

A week-old preferred stock

CHAD is barely a week old. DeFi Development closed its inaugural offering of the preferred stock on September 8, raising about $11 million, with participation from Fundstrat's Tom Lee. Because CHAD is structured as non-convertible preferred equity, DFDV can raise capital through it without diluting common shareholders or increasing its share count. The $300 million ATM line is sized at more than 27 times that inaugural raise, giving the company substantial headroom to extend the same playbook.

The offering itself came together quickly. DFDV first floated a $20 million target for the preferred stock on September 1, pricing shares at $9 each in a preliminary prospectus before settling on final terms of $8 per share and a smaller $11 million raise at closing. That same week, the company separately disclosed a 19,000-SOL purchase, funded in part by the sale of its ZeroStack position, which lifted its treasury to about 2.33 million SOL ahead of Monday's update.

Relative performance figures cited

DFDV also cited relative performance figures. Quarter-to-date, the company said SOL has outperformed the Nasdaq-100 by 39%, while DFDV shares have beaten SOL itself by 2x over the same period. Those figures have climbed since late August, when the company reported SOL beating the Nasdaq-100 by 33% and DFDV outperforming SOL by 1.8x.

Net proceeds from the CHAD ATM are intended primarily to fund additional SOL purchases — the same use the company assigned to the $11 million CHAD offering it closed on September 8. The full announcement is available via GlobeNewswire: DFDV Expands SOL Treasury to 2.39 Million SOL and Establishes $300 Million CHAD ATM